Hyderabad : The Hyderabad Cyber Crime Police have cracked down on a large-scale pan-India online trading scam, arresting two accused — Ravi Kumar Lal (38) and Shivendra Ashok Singh (32). According to police, the duo ran a fraudulent trading platform named “AEGIS”, through which they duped investors across the country.
A complaint filed by a victim revealed that he lost approximately ₹12.3 lakh. Initially, small investments returned modest profits, luring him further. But after larger deposits, withdrawals were blocked, and communications with the platform ceased.
How the scam worked: from trust-building to final con
Police detail the modus operandi:
- The suspects would encourage small investments first and show small gains — building investor confidence.
- Gradually, they’d pressure users to deposit larger amounts.
- Fake dashboards and phony websites displayed attractive “profits,” further enticing victims.
- When investors sought withdrawals, they were asked for extra “taxes,” “processing fees,” or other charges — and then all communication was cut off.
During raids, police seized several cheque books, bank cards, mobile phones, and SIM cards — apparent tools used to carry out the fraud.
Money laundering network: mule accounts and shell companies exposed
Investigation uncovered that the fraudsters used mule bank accounts and front/shell companies to launder money and obscure their trail. This allowed rapid transfer of illicit funds while hiding their identities.
Police have issued a stern warning: platforms promising quick and unusually high returns are likely scams. Citizens are advised not to invest without credible verification.
Widespread network spanned multiple states
The scam was not limited to Hyderabad or Telangana. Evidence shows that the accused had targeted investors across various states in India. Police described the operation as highly organised, with multiple victims duped by the same scheme.
In recent months, similar fraudulent cases have surfaced, resulting in losses worth crores — indicating that this scam is part of a broader criminal network rather than an isolated incident.
Police action and public warning
Following the arrests, Hyderabad Cyber Crime Police have taken a major step. They have reportedly issued 163 refund orders, aiming to recover ₹89.77 lakh and return it to affected investors.
Authorities are urging citizens to remain alert when approached through social media or messaging platforms like WhatsApp with investment offers. Any platform promising high returns without validated credentials should be treated with suspicion.
Victims of cyber fraud are encouraged to immediately report incidents by calling the national helpline number “1930” or by filing a complaint via cybercrime.gov.in.
Conclusion: Vigilance is the best shield for investors
This case underscores the timeless lesson — when it comes to online investments, caution must come before enthusiasm. The sparkle of flashy platforms often hides an empty foundation. While law enforcement successes bring some relief, the real safeguard remains public awareness, due diligence, and critical scrutiny.
